Chevron sees weaker US, global refining margins

During the first two months of the fourth quarter, US refinery crude-input volumes decreased by 77,000 bpd compared to the third quarter, driven primarily by the continued shutdown of the Richmond, California refinery crude unit. International refinery crude-input volumes increased 9,000 bpd.

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Chevron experienced a sharp decline in downstream refining margins during the 2012
fourth quarter, the US-based energy major said on
Thursday.

In an interim earnings update, the company said that for the
full fourth quarter, US and international refining margins decreased
significantly compared with the third quarter.

"Downstream earnings in the fourth quarter are also expected to
be higher, largely reflecting a positive swing in timing
effects, despite a sharp decline in industry refining margins," Chevron wrote in
the update.

During the first two months of the fourth quarter, Chevron
reported that US refinery crude-input volumes
decreased by 77,000 bpd compared with the third quarter,
driven primarily by the continued shutdown of the fire-stricken
refinery crude unit
in Richmond, California.

A return to normal operations at the Pascagoula, Mississippi
refinery post Hurricane Isaac partly offset the decrease,
according to the company.

Meanwhile, international refinery crude-input volumes
increased 9,000 bpd compared with the third quarter.

For specific margin figures, the full update for both
downstream and upstream can be read in the news release at
Chevron's website.

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